Articles Posted in NFT

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AdobeStock_497874499-300x169Non-fungible tokens (NFTs) are quickly becoming one of the most popular digital assets online. An NFT is typically a unique piece of digital artwork that belongs exclusively to a single owner, with a blockchain-based digital ledger being used to record ownership. The NFT market surpassed $40 billion in 2021 and continues to grow in 2022. Unfortunately, as with any new technology, there are scammers who try to take advantage of this emerging market. If you are not certain about the legitimacy of a project, you can protect yourself and your business by getting legal advice about any digital asset you’re seeking to purchase.  Below are some examples of common NFT scams common in 2022.

1. Fake Websites and Social Media Accounts

Some scammers are able to replicate the website or social media channel of a legitimate NFT business. Often, these replicas are incredibly convincing, so it is important to use common sense security precautions before sending your crypto to buy an NFT or providing a website with any payment information. Check the website URL and verify it on the NFT marketplace. Confirm that social media channels are verified or are recognized on the company’s legitimate website. Look for security protection through antivirus software and other security protections on your network.

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AdobeStock_476679934-300x200NFT’s are a popular new digital asset. Here in Silicon Valley, tech-savvy business owners want to be at the forefront of this cutting-edge technology. Like an asset, however, it is important to understand the product before investing in it or pouring resources into it for technical development of some new business venture. Poor investments can leave business owners to answer to disgruntled shareholders, investors, employees, customers, and even government regulators, including lawsuits, class action suits, and regulatory or administrative investigations and action. Learn more about NFT’S – and what your business needs to do to invest in them safely.

What Are NFT’s?

NFT stands for “non-fungible token.” An NFT is a unique piece of digital artwork that is sold online. As with cryptocurrency, NFT ownership is recorded in a digital ledger on the blockchain of some type. NFT’s can be resold. Because of this, an owner can capture appreciation by reselling the NFT’s. NFT’s can also be used for secondary transactions and capturing royalty related to a piece of art or subscription.

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